HOUSTON — Locally based investment firm RMM Properties LLC has purchased Centre South, a 39,038-square-foot retail center located at 11030 Kingspoint Road in southeast Houston. Built in 1970 and renovated in 2018, the property was 79 percent leased at the time of sale to tenants such as Sherwin-Williams, Brown Sugar BBQ and Club Rumba. In addition, new leases have been signed in 2020 with Southside Driving School, Internet Café and event planning firm La Fleur of Houston. Kelley Workman, David Luther and Dakota Workman of NewQuest Properties represented the seller, Community Commercial Properties II LLC, in the transaction. Kelley Workman also sourced and represented the buyer.
The Houston Retail Outlook— How is the Houston Market Responding to the Pandemic? webinar, hosted by Shopping Center Business and Texas Real Estate Business, covers the impacts of COVID-19 and how retail experts are bringing creativity to challenging situations. Houston boasts a dynamic retail and restaurant scene that has been a requisite landing spot for new shopping, dining and entertainment users over the last few years. With a plethora of new mixed-use destinations in development or coming on line, can the market continue to absorb the new retail space despite pandemic-related restrictions and reduced occupancies? See a list of some topics covered below: What initiatives have retail landlords and operators taken to mitigate the disruption brought on by COVID-19? What is the outlook in terms of leasing for the Houston market over the next six months? What kinds of retail deals are capital sources targeting right now, and what is the Houston market seeing in terms of deal velocity and volume? How will broader expectations for the Houston economy impact the performance of the retail market in the coming months? Panelists: Jake Donaldson (moderator), Method Architecture Emily Durham, Waterman Steele Real Estate Advisors Lacee Jacobs, Midway David Luther, NewQuest Properties Jonathan Hicks, …
EULESS, TEXAS — First Capital Advisors, a private investment firm with offices in metro Chicago and Austin, has purchased Riverside Villas, a 180-unit apartment community located near DFW International Airport in Euless. Built in 2019, Riverside Villas offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a business center. Chris Deuillet, Jeremy Faltys and William Hubbard of CBRE represented the seller, Dallas-based Trinity Postoak Ltd., in the transaction. Jeff Stein, Michael Thompson and Brock Hudson of CBRE arranged acquisition financing on behalf of First Capital Advisors. The property was 94 percent occupied at the time of sale.
SUGAR LAND, TEXAS — NAI Partners has arranged the sale of a 153,000-square-foot office, cold storage and food processing facility located at 10631 Corporate Drive in the southwestern Houston suburb of Sugar Land. Zane Carman and Clay Pritchett of NAI Partners represented the buyer, an unnamed national food manufacturing company, in the transaction. Jarret Venghaus, David Buescher and Jordan Raney of JLL represented the seller, Midway Corp. Partners LP.
FORT WORTH, TEXAS — California-based home furnishing retailer Living Spaces has opened a 150,000-square-foot showroom at 8640 Tehama Ridge Parkway on the north side of Fort Worth. The space will showcase various designs and furniture arrangements for living rooms, dining rooms, bedrooms, home offices and outdoor areas. The space also features a playroom and climbing complex for children. About 100 people have been hired to staff the store, which is the company’s 27th overall.
GRAND PRAIRIE, TEXAS — NAI Robert Lynn has negotiated a 36,742-square-foot industrial lease at 900 Avenue S in the central metroplex city of Grand Prairie. According to LoopNet Inc., the property was built in 1985, totals 125,881 square feet and includes 1,339 square feet of office space. Michael Stanzel of NAI Robert Lynn represented the tenant, wire and cable provider Condumex Inc., in the lease negotiations. Robert Allen of First Industrial Realty Trust represented the landlord on an internal basis.
HOUSTON — Moody Rambin has brokered the sale of Bennington Street Business Park, a two-building, 33,000-square-foot industrial property located at 301 Bennington St. in northeast Houston. The property was built on 1.3 acres in 1979. Jim Autenreith and Stephen Ghedi of Moody Rambin represented the seller, an undisclosed investor, in the transaction. The buyer was also not disclosed.
By Cameron Kraus, technical designer at Gensler The future of the city is in flux. Many of us have been and continue to work from home as a result of the COVID-19 pandemic altering our perceptions and expectations of what it means to live in an urban environment. According to insights from the Gensler Research Institute’s City Pulse Survey, which aims to capture people’s changing attitudes during this time, many people, particularly those with young families, may be growing tired of big city life. This is due in large part to ongoing affordability issues, but also to increasing concerns about health and wellness. The survey also found that nearly half of our respondents still want to live in an urban environment. Many said they want to leave high-density, high-cost cities for more affordable, smaller ones like San Antonio, as these cities still offer a broad range of amenities with a lower cost of living. Reintroducing The 20-Minute City As we examine our cities with fresh eyes, we have a unique opportunity to rethink how we define and connect our neighborhoods. Cities such as Barcelona, London and Paris are looking to create “20-minute cities,” a concept based on early 20th century …
DEER PARK AND PASADENA, TEXAS — CBRE has negotiated two industrial leases totaling approximately 505,000 square feet near Port Houston on the city’s southeastern outskirts. In the first transaction, a global e-commerce firm leased 402,648 square feet within Underwood Port Logistics Center in Deer Park. In the second transaction, Frederick Trucking signed a deal to occupy 102,863 square feet at Bayport North Logistics Center I in Pasadena. Joseph Smith, Patrick Rollins, Jason Dillee and Andrew Jewett of CBRE represented the landlord, an affiliate of Triten Real Estate Partners, in both lease negotiations. Dedrik Pharis of CBRE represented the e-commerce user, and Chris Haro of NAI Partners represented Frederick Trucking.
FORT WORTH, TEXAS — Tampa-based multifamily investment firm American Landmark has acquired The View at Fort Worth, a 300-unit apartment community located just north of the city’s downtown area. Built in 2018, the property features studio, one- and two-bedroom units ranging in size from 594 to 1,169 square feet that are furnished with stainless steel appliances, tile backsplashes, quartz countertops, in-unit washers and dryers and private patios/balconies. Amenities include a pool with a sundeck, clubhouse with a lounge, coffee bar, business center, fitness center and two outdoor courtyards. The new ownership will add luxury lighting fixtures and electronic smart locks, as well as upgrade the landscaping and several amenity spaces. American Landmark, which now owns 18 apartment communities in the metroplex, has rebranded the property as The Shelby at Northside.